Experts seek policy change to raise insurance acceptance in 2025

Stakeholders in the insurance sector have urged the federal government to embark on policies that would promote increased interest in insurance offerings and transform the public’s view of the sector.

The stakeholders gathered at the Business Journal’s yearly lecture in 2024, with the theme, ‘Repositioning the Insurance Industry to Drive Sustainable Insurance Growth in Nigeria’, were concerned about the contribution of insurance to economic growth and the future of the market.
Speaking on the development at the workshop, the Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, said the insurance business would grow if it had the full backing of the law.

According to him, the narrative of the insurance business in the country would change if insurance was made compulsory for all.

The NIA boss regretted that the Nigerian insurance industry has been battling with low patronage over the years.

Addressing policyholders, pensioners and shareholders’ concerns, Ahmed assured that the National Assembly was going through reforms of various insurance laws to make them more relevant to the modern market.

He assured me that there are a couple of things they want to include in the law, which would ensure that insurance is made compulsory.

The Group Chairman of NEM Insurance Plc, Tope Smart, who also chaired the lecture, insisted that a lot needs to be done to reposition the insurance sector.

According to him, Nigeria is far behind other countries in the world in terms of insurance penetration and growth. He highlighted factors inhibiting insurance growth in the country, including lack of consumer trust, low awareness and low-income levels.

The Founder/Chief Executive Officer of Mutual Specialists, Adetola Adegbayi, said Nigeria must first face the reality of the fact that it is a poor country.